Business and Economy
Business
Q1. With a major shift in workforce demographics and the emergence of global markets, workplace diversity has inched closer to become a necessity for businesses. There are many ways through which workplace diversity is important for the company’s performance and culture. Workplace diversity nurtures mutual respect between employees as they learn about other cultures, religion, languages and develop respect for the individual. Conflict is part of the business environment and people start to identify similarities between themselves and others. Finally, workplace diversity increases exposure to other backgrounds and cultures. Employees learn other’s attitudes and styles, increasing their knowledge in dealing with issues.
Q2. The four main control systems in the workplace are focusing on critical points, integrating established processes, acceptance by employees and making information available when needed. Focusing on critical points involves placing control mechanisms on the operations of the business to minimize impact of failure. Organization control systems are also integrated into the established processes to ensure operations are efficient. Acceptance of employees makes the control mechanism better and easily applicable to the company’s procedures. Information is needed for daily operation of business and jobs at the workplace, therefore it is important to ensure information is made available as a control mechanism.
Q3. Virgin Group is an organization that follows the organic structure due to the large size of a number of businesses under the Virgin brand. The organic structure is effective in the accomplishment of organization goals as it helps in managing the organization during changes in the business environment. Organic structure is necessary for Virgin as more than 300 organizations are operate under one brand name and headed by a single individual. The organic structure of the Virgin brand provides advantages such as allowing the company to sustain changes in the business environment and find interconnections between different departments. The disadvantage remains that the organization remains completely under the control of Richard Branson and Virgin remains his brand.
Q1.
Increased consumption (consumer spending) is one of the consequences of increased aggregate demand. The city’s economy will be impacted by the increased consumer spending that decreases the price of several products in the market. In terms of supply factors, firms will increase the price of products to capitalize on the increased demand. Overall, the increase in demand will increase consumption on the demand side and increase product prices on the supply side.
Q2. Increasing government spending or decreasing taxes are both expansionary measures of fiscal policy. Between them, when government spends at a faster rate that collection of taxes, overtime excess debt is accumulated in the economy. To finance the excess debt, government ends up financing their spending by issuing bonds, thus increasing their national income. But, in this measure only increases competition in the bond market and overtime interest expenses are increased. Therefore, government losses when they spend faster than the rate at which they collect taxes.
Q3. One of the ways is by financing struggling businesses with loan packages. This measure has already been experienced by 2008 government bailouts to overcome recession. This measure increases the money supply in the economy. The increased money supply and need to improve the economic conditions lead to low interest rates. But, it is possible that inflation rate would be increased with the money supply and low interest rates and the aggregate demand will also increase. Overall, as businesses start getting loans to run their operations, output in the market will also increase.
